Refinancing in Miami: Local Costs, Escrow Surprises and Condo Hurdles

Short answer

Refinancing in Miami costs Florida doc stamps of $0.35 per $100 and intangible tax of $2 per $1,000 on the new loan, so $1,750 and $1,000 on a $500,000 refinance, plus title, appraisal and lender fees. Two local issues decide many Miami refinances: a new escrow account built on rising taxable values and insurance premiums, and condo buildings that must pass the lender's review. The savings must repay the costs before you sell or refinance again.

Start with the break-even test

Our Florida refinance guide covers each type of refinance, and our break-even guide shows the math: total costs divided by monthly savings equals the months it takes to come out ahead. If you will move or refinance again before then, the refinance does not pay.

Miami adds two twists to that math. Your new payment includes escrow for taxes and insurance, which in Miami can change more than the principal and interest. And if you own a condo, the building can stop the loan no matter how strong your credit is. The sections below cover both, plus the Florida taxes that every Miami refinance pays.

Miami-Dade refinance costs, as of October 2026

• Doc stamps on the new note: $0.35 per $100. There is a narrow exemption in Florida law for a renewal note signed only by the original borrower that extends only the unpaid balance and has the original note attached; if the balance goes up, tax is due only on the increase. Most refinances to a new lender are taxed on the full new note. Your title agent confirms which applies.
• Intangible tax on the new mortgage: 2 mills, or $2 per $1,000.
• Lender's title policy at the reissue rate. Florida's promulgated title rates include a lower reissue rate for a refinance of a property covered by an owner's policy that insured your title. The reissue rate is $3.30 per $1,000 for the first $100,000 of coverage and $3.00 per $1,000 from $100,000 to $1 million, with a $100 minimum. Find your owner's policy from the purchase and send it to us.
• Appraisal, lender fees, recording and prepaid items such as interest, insurance and the escrow deposit.

Doc stamps and intangible tax are state taxes, so they are the same in Miami as anywhere in Florida. What is local is the size of Miami loans and the escrow account, below.

Insurance and escrow: why your new payment may not drop as much

When you refinance, the new lender sets up a new escrow account and recalculates it from today's tax bill and insurance premium, not the ones from when you bought.

Taxes are rising faster than values. The Miami-Dade Property Appraiser's 2026 preliminary roll shows countywide single-family market value up 2.1% from 2025, but taxable value up 7.7%. For condos and co-ops, market value fell 0.8% while taxable value rose 4.1%. Owners whose assessed value sits under the Save Our Homes cap, and non-homestead owners, see their taxable value catch up over time. The City of Miami's own operating and debt millage is 7.1080 and 0.2536 in the 2026 proposed rates, unchanged from 2025, before county and school taxes.

The escrow deposit at closing. Under federal rules your lender can collect enough to keep the account from going negative, plus a cushion of up to two months of estimated payments. Your old servicer refunds the old escrow balance after payoff, usually a few weeks later, so you may pay for both for a short time.

Insurance is re-checked. The new lender needs proof of homeowners and, where required, flood insurance with the new lender named. If your policy renews soon, a premium change can move your new payment. Have your agent send the declarations page and, for older homes, your wind mitigation report and 4-point inspection.

Condo refinance hurdles in Miami

In the third quarter of 2026, MIAMI REALTORS counted 582 condo and townhouse sales in the City of Miami at a median of $555,000, down 4.3% from a year earlier, with 16.8 months of supply. Two things follow for a refinance:

• Appraisal risk. With more supply and softer prices, a condo can appraise below what you expect. A lower value raises your loan-to-value, which can change pricing or require mortgage insurance.
• The building review. A conventional lender must find the project eligible. Under Fannie Mae's rules, a building that needs critical repairs, has a special assessment tied to an unfixed critical repair, or has an inspection report from the last 3 years showing critical repairs is ineligible until the work is done.

Florida's milestone inspection and SIRS rules bring these issues to light in older towers. Before you pay for an appraisal, we ask the association for its questionnaire and inspection status. If the building is not eligible today, options include an FHA or VA streamline on an existing FHA or VA loan, a non-warrantable condo loan, or waiting until repairs are complete.

Streamline options and an example

• FHA streamline: only for an existing FHA loan. At least 210 days must pass from closing, at least six months since the first payment, with no more than one 30-day late in the last six months. No appraisal is required, no cash out is allowed, and the refinance must lower your rate or term.
• VA IRRRL: only for an existing VA-backed loan. You certify you live or used to live in the home, and a VA funding fee may apply. VA guaranty rules require the refinance to meet a fee recoupment test.
• Conventional rate-and-term: any lender, but it needs an eligible property, usually an appraisal, and a condo review.

Example only. A Miami owner refinances a $500,000 balance into a new $500,000 conventional loan with a new lender. Doc stamps are $1,750 and intangible tax is $1,000. A lender's title policy at the reissue rate is $330 for the first $100,000 plus $1,200 for the next $400,000, or $1,530. With appraisal and lender fees, assume $7,500 total. If the new payment is $250 a month lower after escrow, break-even is 30 months.

Rates vary daily; call for today's pricing. QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, founded in 2018, working with 100+ lenders in English and Spanish. Rates vary daily; call for today's pricing. You may qualify; every loan is subject to credit approval. Contact us or call 305-425-1990, and see our Miami mortgage broker page.